麦格理维持长实(1113.HK)目标价95.19港元重申“跑赢大市”评级
麦格理以“
相信超人
”为题发表报告,指长实集团(1113.HK)
创办人兼前主席李嘉诚上周增持,是今年以来第二次,他透过李嘉诚基金会以每股均价55.3港元、54.3港元及54.6港元分别于8月20、22及23日增持合共790万股。该行指出与4月份的回购相比,今次行动规模更大,希望提醒投资者长实及李嘉诚在去年下半年进行了大规模的回购及增持,涉及达3.86亿股,当时长实股价升5%而恒指则跌7%。而再上一次则是发生于2017年上半年,当时涉及1.26亿股,带动长实股价上升29%,同期港股则升17%。
麦格理认为公司除了有稳健的基本面,以及寻找可为公司立即带来收益交易的能力外,同时也是市场上对回购最敏感的股份。长实于上周宣布收购啤酒厂、品牌兼餐厅营运商Greene King,相信这个是公司进行更多回购的潜在窗口。
该行认为,公司在提升可持续收入上采取了与其他地产同业不同的方向,有别于传统商场及写字楼项目,公司借助自己的长处投资于非地产业务,并能为公司带来即时的利润。认为投资者不应因此感到迷茫,因为管理层只是以不同的方式提升可持续收入。该行重申对长实“
跑赢大市
”的评级,并为香港开发商中的首选,认为李嘉诚及李泽钜增持股份支持了该行的看法,对其盈测不变,维持目标价95.19港元。
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